Article #976496073
Wednesday, December 16th 2009, 7:31AM
Westpac has made the first movements of the week, increasing its six-month fixed interest rate by 10 basis points to 5.59% and its two-year rate by 21 basis points to 7.20%. These new rates are still the lowest offered by the major banks.
Kiwibank has raised its one-year, 18-month and two-year fixed rates by between 10 and 30 points. Its one-year rate rose 30 points to 6.25%, its 18-month went up 10 points to 6.39% and its two-year rate increased 25 points to 7.20%. Kiwibanks one-year rate is now higher than most of our major banks rates for the same term.
AMP Home Loans has also made increases this week with its one-year fixed rate jumping up by 30 basis points for both its standard and priority products. The new rates are now 6.25% and 6.15% respectively. This is the first rate change for AMP since October this year.
In www.landlords.co.nz news the residential housing mark continues to show signs of stability, according to the latest statistics from the Real Estate Institute of New Zealand (REINZ).
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